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The Associated Press April 4, 2011, 3:46PM ET

Corn prices at highest level since summer '08

Corn is at its highest level in nearly three years on expectations that supplies will remain tight even if a bountiful crop is produced this summer.

Corn settled up 3.3 percent to $7.6025 a bushel Monday.

Corn's rally began last week after the government released two reports that indicated supplies likely will remain short even though farmers intend to plant 5 percent more acreage this year.

Analysts predict corn prices will continue to climb because of the anticipated shortage and strong global demand.

Corn isn't the only commodity with hefty gains. Silver is at a 31-year high, oil is at a 30-month high and wheat is 4 percent higher.

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